Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could gain 40.75 points at the opening bell. In overseas stock markets, Asian stocks were mixed following the release of data pointing to a South Korean slowdown. South Korea gross domestic product grew 2.7% year-on-year in the third quarter, down from a 3.3% gain in the prior three-month period, according to preliminary data from the Bank of Korea.
US stocks rose yesterday, 24 October 2016, on flurry of M&A deals, part of the single largest week for M&A since the dot-com era. More than five multi-billion dollar deals were announced over the past week. The Markit flash US manufacturing purchasing managers' index rose to 53.2 in October from 51.5 in September.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 325.13 crore yesterday, 24 October 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) purchased shares worth a net Rs 333.26 crore yesterday, 24 October 2016, as per provisional data.
Among corporate news, Idea Cellular reported net loss of Rs 42.79 crore in Q2 September 2016 as against net profit of Rs 739.59 crore in Q2 September 2015. Net sales rose 6.78% to Rs 9223.78 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 24 October 2016. On a consolidated basis, net profit of Idea Cellular declined 88% to Rs 91.46 crore on 7.23% rise in net sales to Rs 9298.89 crore in Q2 September 2016 over Q2 September 2015.
Axis Bank, Adani Ports and Special Economic Zone, Asian Paints, Bharti Airtel, Dr Reddy's Laboratories, HDFC Bank, ICICI Prudential Life Insurance Company, IDBI Bank, IDFC bank, Kotak Mahindra Bank and Zee Entertainment Enterprises will declare July-September 2016 quarter results today, 25 October 2016
Shares of Tata Group companies will be watched as Tata Sons, the holding company of the Tata Group, said its board of directors replaced Cyrus P. Mistry as chairman of Tata Sons. The decision was taken at a Board meeting held yesterday, 24 October 2016. The board named Ratan N. Tata as interim chairman of Tata Sons. The board has constituted a selection committee to choose a new chairman. The committee comprises Ratan N. Tata, Venu Srinivasan, Amit Chandra, Ronen Sen and Lord Kumar Bhattacharyya, as per the criteria in the Articles of Association of Tata Sons. The committee has been mandated to complete the selection process in four months.
Power Grid Corporation of India announced after market hours yesterday, 24 October 2016, that POWERGRID NM Transmission, a wholly owned subsidiary of the company secured through Tariff Based Competitive Bidding (TBCB) has successfully completed and declared commercial operation of the element Nagapattinam Pooling Station - Salem 765kV D/C Line on 23 October 2016.
Separately, the company said that its board of directors in a meeting held on 22 October 2016 accorded approval for amendment to Investment of 'North Eastern Region Strengthening Scheme - IV (NERSS - IV)' at an estimated cost of Rs 409.19 crore with commissioning schedule of 24 months from the date of investment approval.
Meanwhile, trading for the week started on a positive note yesterday, 24 October 2016, as key benchmark indices settled with small gains as firmness in global stocks boosted sentiment. The Sensex rose 101.90 points or 0.36% to settle at 28,179.08, its highest closing level since 5 October 2016.
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